The following data relate to Process Y for accounting period 2. At the beginning of period 2,
Question:
The following data relate to Process Y for accounting period 2.
At the beginning of period 2, there were 800 units partly completed which had the following values:
During the period 4,300 units were transferred from Process X at a value of Rs. 46,500 and other costs were:
At the end of the period, the closing WIP was 600 units which were at the following stage of completion:
The balance of 4,500 units was transferred to finished goods.
Calculate the value of units transferred to Finished Goods and the value of WIP and prepare the Process account using.
(i). The FIFO method.
(ii). The average cost method.
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FIFO Method Description Units Material Rs Labour Rs Overheads Rs Total Cost Rs Beginning WIP 800 uni...View the full answer
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